Jersey: World In Motion

With 'les Bleus' fresh from securing their first World
Cup win since 1998 with a win over Croatia, and with a Serbian and
a German claiming singles victories at Wimbledon in the past week
over Spanish and US opponents, the world of sport has certainly
taken on an international flavour in recent weeks.

So too has the world of politics, with US President Trump
meeting Russian President Putin recently, hot on the heels of an
interesting meeting with UK Prime Minister May, where global trade
deals were a key focus.

It struck a chord, because we often talk about Jersey's role
in the global marketplace, and how our industry here is providing
value to companies and investors around the world. Take our
expertise in alternative funds, for instance, and private equity in
particular. Just last month, Jersey Finance was present at private
equity events in
Africa (the 4th Annual Private Equity in East Africa Conference
in Nairobi),
Portugal (InvestEurope CFO Forum), and the
US (SuperReturn US East).

The UK and EU are still core markets for us, but increasingly
Jersey is being recognised as a centre of excellence in alternative
fund structuring on the global stage. Indeed, it's a core part
of our forward-thinking strategy to embed relationships with
overseas markets.

The most recent figures bear this out –
statistics from the JFSC show that over the course of 2017,
alternative funds business in Jersey grew 18%, with private equity
driving this growth, rising by an impressive 39%. Interestingly,
private equity business from emerging markets specifically rose
20%.

And that trend has persisted into 2018, with alternatives
business up 2% on the quarter, private equity work increasing
marginally, but emerging markets work rising 5% on a quarterly
basis. We see these dynamics continuing through 2018 as we continue
to push forward to build relationships in key overseas growth
markets, developed and emerging.

We are pursuing an ambitious strategy in the US, for example.
Earlier this year, we announced that we were planning to open a new
Jersey Finance office in New York, and later this year Jersey will
introduce new Limited Liability Companies (LLC) legislation,
largely to support US alternative fund managers.

LLCs are popular amongst alternative fund managers in the US,
and the feeling is that introducing the structure will strengthen
Jersey's position in the market and attract more business from
US-based institutions and funds who want to invest capital into
Europe.

With regards to Africa, a growing number of fund managers based
on the continent are looking to Jersey as an expert hub that can
help them raise capital efficiently, safely and securely. The
indications are that many managers in Africa have great ideas and
deal flow but are struggling to attract investment from large
European institutional investors and pension funds.

Jersey has the right funds ecosystem, expertise and ability to
provide them with a clear solution, thanks to its credentials on
transparency, innovation and quality.

As far as Europe is concerned, Brexit 'deadline day' is
now less than a year away and, with the UK government's white paper having set out its position, EU
market access now looks like a thorny issue for UK fund managers.

Further, a recent survey by IFI Global of managers in the UK found that,
although 70% attached a level of importance to the EU to their
business, the overwhelming majority, 74%, had not made any
decisions on Brexit yet. This is staggering, given we are just
eight months from the UK exiting the EU.

Jersey is ready to play a supportive role to enable non-EU
(including UK) managers to continue to market their funds into the
EU through its tried-and-tested private placement regime - around
300 funds are currently being marketed through Jersey in this way
and we anticipate this figure will rise as we approach Brexit.

A quick look around some of the
work being done by Jersey firms illustrates this global role in
the alternatives space, including the world's largest
investment fund (the SoftBank Vision Fund), which raised capital
from some of the world's largest sovereign wealth funds and
biggest technology companies; ADP I, a Jersey expert fund focussing
on private equity fund investments across Africa; and an
Australian-based fund promoter of an Asia-Pacific multi-strategy
equity fund that has a global investor base and invests across
developed Asia.

Taken together, this is all evidence of the good work being done
here that is helping to keep investment funds moving around the
world. With estimates indicating that alternatives'
share of global assets under management could more than double from
current levels to more than $21trn in 2025, it's a good
position to be in.

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guide to the subject matter. Specialist advice should be sought
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